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PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2012
F-22
Preferred Partnership Interests
At December 31, 2012 and 2011, we had no preferred partnership interests outstanding. During 2010,
we redeemed 4.0 million units of our 7.250% Series J preferred units ($100.0 million carrying value) for an
aggregate of $100.4 million, plus accrued and unpaid dividends.
During 2010, we allocated a total of $5.9 million in income to these interests based upon distributions
paid and $0.4 million with respect to the application of EITF D-42.
8. Shareholders’ Equity
Preferred Shares
At December 31, 2012 and 2011, we had the following series of Cumulative Preferred Shares
(“Preferred Shares”) outstanding:
At December 31, 2012 At December 31, 2011
Series
Earliest
Redemption
Date
Dividend
Rate
Shares
Outstanding
Liquidation
Preference
Shares
Outstanding
Liquidation
Preference
(Dollar amounts in thousands)
Series W 10/6/08 6.500% - $ - 5,300 $ 132,500
Series X 11/13/08 6.450% - - 4,800 120,000
Series Y 1/2/09 6.850% - - 350,900 8,772
Series Z 3/5/09 6.250% - - 4,500 112,500
Series A 3/31/09 6.125% - - 4,600 115,000
Series C 9/13/09 6.600% - - 4,425 110,625
Series D 2/28/10 6.180% - - 5,400 135,000
Series E 4/27/10 6.750% - - 5,650 141,250
Series F 8/23/10 6.450% - - 9,893 247,325
Series L 10/20/11 6.750% - - 8,267 206,665
Series M 1/9/12 6.625% - - 19,065 476,634
Series N 7/2/12 7.000% - - 6,900 172,500
Series O 4/15/15 6.875% 5,800 145,000 5,800 145,000
Series P 10/7/15 6.500% 5,000 125,000 5,000 125,000
Series Q 4/14/16 6.500% 15,000 375,000 15,000 375,000
Series R 7/26/16 6.350% 19,500 487,500 19,500 487,500
Series S 1/12/17 5.900% 18,400 460,000 - -
Series T 3/13/17 5.750% 18,500 462,500 - -
Series U 6/15/17 5.625% 11,500 287,500 - -
Series V 9/20/17 5.375% 19,800 495,000 - -
Total Preferred Shares 113,500 $ 2,837,500 475,000 $ 3,111,271
The holders of our Preferred Shares have general preference rights with respect to liquidation,
quarterly distributions and any accumulated unpaid distributions. Except under certain conditions and as noted
below, holders of the Preferred Shares will not be entitled to vote on most matters. In the event of a cumulative
arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a
single class without regard to series) will have the right to elect two additional members to serve on our Board
of Trustees until the arrearage has been cured. At December 31, 2012, there were no dividends in arrears.