Public Storage 2012 Annual Report Download - page 102

PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2012
F-23
Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred
Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each
of the series of Cumulative Preferred Shares are redeemable at our option, in whole or in part, at $25.00 per
depositary share, plus accrued and unpaid dividends. Holders of the Cumulative Preferred Shares do not have
the right to require the Company to redeem such shares.
Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our
balance sheet with any issuance costs recorded as a reduction to paid-in capital.
During 2012, we issued an aggregate 68.2 million depositary shares, each representing 1/1,000 of a
share of our Series S, Series T, Series U, and Series V Preferred Shares, at an issuance price of $25.00 per
depositary share, for a total of $1.7 billion in gross proceeds, and we incurred an aggregate of $53.5 million in
issuance costs.
In 2012, we redeemed our Series A, Series C, Series D, Series E, Series F, Series L, Series M,
Series N, Series W, Series X, Series Y and Series Z Preferred Shares, at par. The aggregate redemption
amount, before payment of accrued dividends, was $2.0 billion.
During 2011, we issued an aggregate 34.5 million depositary shares, each representing 1/1,000 of a
share of our Series Q and Series R Preferred Shares, at an issuance price of $25.00 per depositary share, for a
total of $862.5 million in gross proceeds, and we incurred an aggregate of $26.9 million in issuance costs.
In 2011, we redeemed our Series G, Series I and Series K Preferred Shares, at par. The aggregate
redemption amount, before payment of accrued dividends, was $1.1 billion.
During 2010, we issued an aggregate 10.8 million depositary shares, each representing 1/1,000 of a
share of our Series O and Series P Preferred Shares, at an issuance price of $25.00 per depositary share, for a
total of $270.0 million in gross proceeds, and we incurred an aggregate of $8.9 million in issuance costs.
In 2010, we redeemed our Series B and Series V Preferred Shares, at par. The aggregate redemption
amount, before payment of accrued dividends, was $263.8 million. Also in 2010, we repurchased 0.4 million
shares of our 6.850% Preferred Shares Series Y for an aggregate of $9.2 million.
We recorded $61.7 million, $35.6 million and a $7.9 million in EITF D-42 allocations of income from
our common shareholders to the holders of our Preferred Shares in 2012, 2011 and 2010, respectively.
Equity Shares, Series A
On April 15, 2010, we redeemed all of our outstanding Equity Shares, Series A at $24.50 per share for
an aggregate redemption amount of $205.4 million. Prior to the redemption, we allocated income and paid
distributions to the holders of the Equity Shares, Series A of $0.6125 per share per quarter based on 8.4 million
weighted average depositary shares outstanding. We recorded a $25.7 million EITF D-42 allocation of income
from our common shareholders to the holders of our Equity Shares, Series A in the year ended December 31,
2010 in connection with this redemption.
Equity Shares, Series AAA
On August 31, 2010, we retired all of outstanding Equity Shares, Series AAA (“Equity AAA Shares”)
outstanding. At December 31, 2009, we had 4,289,544 Equity AAA Shares outstanding with a carrying value
of $100,000,000. During the six months ended June 30, 2010, we paid quarterly distributions to the holder of
the Equity AAA Shares of $0.5391 per share. For all periods presented, the Equity AAA Shares and related
dividends are eliminated in consolidation as the shares were held by one of our wholly-owned subsidiaries.