Public Storage 2010 Annual Report Download - page 37

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23
PART II
ITEM 5. 0DUNHWIRU5HJLVWUDQW¶V&RPPRQ(TXLW\5HODWHG6KDUHKROGHU0DWWHUVDQG,VVXHU3XUFKDVHVRI
Equity Securities
a. Market Information RIWKH5HJLVWUDQW¶V&RPPRQ(TXLW\
Our Common Shares (NYSE: PSA), including those of Public Storage, Inc. prior to our
reorganization in June 2007, have been listed on the New York Stock Exchange since October 19, 1984.
Our Depositary Shares each representing 1/1,000 of an Equity Share, Series A (NYSE:PSAA) (see section
c. below), including those of Public Storage, Inc. prior to our reorganization in June 2007 were listed on the
New York Stock Exchange beginning February 14, 2000 until their redemption by us in April 2010.
The following table sets forth the high and low sales prices of our Common Shares on the New
York Stock Exchange composite tapes for the applicable periods.
Range
Year Quarter High Low
2009 1st $79.88 $45.35
2
nd 68.97 53.32
3
rd 79.47 61.35
4
th 85.10 70.76
2010 1st 94.20 74.74
2
nd 100.58 85.04
3
rd 104.35 85.04
4
th 106.12 94.60
As of February 15, 2011, there were approximately 17,560 holders of record of our Common
Shares.
b. Dividends
We have paid quarterly distributions to our shareholders since 1981, our first full year of
operations. During 2010 we paid distributions to our common shareholders of $0.65 per common share for
the quarter ended March 31 and $0.80 per common share for each of the quarters ended June 30 and
September 30, and ended December 31. Total distributions on common shares for 2010 amounted to
$515.3 million or $3.05 per share. During 2009, we paid distributions to our common shareholders of
$0.55 per common share for each of the quarters ended March 31, June 30, September 30 and
December 31. Total distributions on common shares for 2009 amounted to $370.4 million or $2.20 per
share. During 2008, we paid distributions to our common shareholders of $0.55 per common share for
each of the quarters ended March 31, June 30 and September 30, and a distribution of $1.15 per common
share (including a $0.60 per share special dividend) for the quarter ended December 31. Total distributions
on common shares for 2008 amounted to $470.8 million or $2.80 per share. Included in these amounts are
$101.0 million or $0.60 per common share with respect to a special cash dividend paid in December 2008.
Holders of common shares are entitled to receive distributions when and if declared by our Board
of Trustees out of any funds legally available for that purpose. In order to maintain our REIT status for
federal income tax purposes, we are generally required to pay dividends at least equal to 90% of our real
estate investment trust taxable income for the taxable year (for this purpose, certain dividends paid in the
subsequent year may be taken into account). We intend to continue to pay distributions sufficient to permit
us to maintain our REIT status.
For Federal income tax purposes, distributions to shareholders are treated as ordinary income,
capital gains, return of capital or a combination thereof. For 2010, the dividends paid on common shares