Public Storage 2010 Annual Report Download - page 38

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($3.05 per share), on all the various classes of preferred shares, and on our Equity Shares, Series A were
classified as follows:
1
st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Ordinary Income ................ 100.0000% 100.0000% 100.0000% 100.0000%
Long-term Capital Gain ...... 0.0000% 0.0000% 0.0000% 0.0000%
Total ................................... 100.0000% 100.0000% 100.0000% 100.0000%
For 2009, the dividends paid on common shares ($2.20 per share), on all the various classes of
preferred shares, and on our Equity Shares, Series A were classified as follows:
1
st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Ordinary Income ................ 100.0000% 100.0000% 98.5716% 100.0000%
Long-term Capital Gain ...... 0.0000% 0.0000% 1.4284% 0.0000%
Total ................................... 100.0000% 100.0000% 100.0000% 100.0000%
c. Equity Shares
The Company is authorized to issue 100,000,000 equity shares. Our declaration of trust provides
that the equity shares may be issued from time to time in one or more series and gives the Board of
Trustees broad authority to fix the dividend and distribution rights, conversion and voting rights,
redemption provisions and liquidation rights of each series of equity shares.
At December 31, 2009, we had 4,289,544 Equity Shares, Series A outstanding. On March 12,
2010, we called for redemption all of our outstanding shares of Equity Shares, Series A. The redemption
occurred on April 15, 2010 at $24.50 per share for aggregate redemption amount of $205.4 million.
During each of the three months ended March 31, 2010, 2009 and 2008, June 30, 2009 and 2008,
September 30, 2009 and 2008 and December 31, 2009 and 2008, we allocated income and paid quarterly
distributions to the holders of the Equity Shares, Series A totaling $5.1 million ($0.6125 per share) based
on 8,377,193 weighted average depositary shares outstanding. Net income allocated to the Equity Shares,
Series A for the year ended December 31, 2010 also includes $25.7 million ($3.07 per share), representing
the excess of cash paid to redeem the securities over the original issuance proceeds. As a result of the
redemption on April 15, 2010, no further distributions will be paid for the period subsequent to March 31,
2010.
In November 1999, we sold $100,000,000 (4,289,544 shares) of Equity Shares, Series AAA
³(TXLW\6KDUHV$$$´WRDQHZO\IRUPHGMRLQWYHQWXUH$W'HFHPEHUZHKDG(TXLW\
Shares AAA outstanding with a carrying value of $100,000,000. On August 31, 2010, we retired all
outstanding shares of Equity Shares, Series A$$ ³(TXLW\ 6KDUHV $$$´ RXWVWDQGLQJ  7KH (TXLW\
Shares AAA ranked on parity with our common shares and junior to our Senior Preferred Shares with
respect to general preference rights, and had a liquidation amount equal to 120% of the amount distributed
to each common share. During the years ended December 31, 2010, 2009 and 2008, we paid quarterly
distributions to the holder of the Equity Shares, Series AAA of $0.5391 per share for each of the quarters
ended March 31 and June 30. During the years ended December 31, 2009 and 2008, we also paid
distributions of $0.5391 per share for each of the quarters ended September 30 and December 31. As a
result of the retirement on August 31, 2010, no further distributions will be paid for the period subsequent
to June 30, 2010. For all periods presented, the Equity Shares, Series AAA and related dividends are
eliminated in consolidation as the shares were held by one of our wholly-owned subsidiaries.
d. Common Share Repurchases
Our Board of Trustees has authorized the repurchase from time to time of up to 35,000,000 of our
common shares on the open market or in privately negotiated transactions. During 2008, we repurchased