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21
PART II
ITEM 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer
Purchases of Equity Securities
a. Market Information of the Registrant’s Common Equity:
Our Common Shares (NYSE: PSA) have been listed on the New York Stock Exchange since
October 19, 1984. 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
2011 1
s
t
$ 113.36 $ 99.96
2
nd
120.00 107.21
3
r
d
124.81 101.77
4
t
h
136.67 103.42
2012 1
s
t
141.48 129.04
2
nd
146.49 129.77
3
r
d
152.68 137.86
4
t
h
148.17 135.07
As of February 15, 2013, there were approximately 16,971 holders of record of our Common
Shares. Because many of our shares of common stock are held by brokers and other institutions on behalf
of stockholders, we are unable to estimate the total number of stockholders represented by these record
holders.
b. Dividends
We have paid quarterly distributions to our shareholders since 1981, our first full year of
operations. During 2012 we paid distributions to our common shareholders of $1.10 per common share for
each of the quarters ended March 31, June 30, September 30 and December 31, representing an aggregate
of $751.2 million or $4.40 per share. During 2011 we paid distributions to our common shareholders of
$0.80 per common share for the quarter ended March 31 and $0.95 per common share for each of the
quarters ended June 30, September 30 and December 31, representing an aggregate of $619.7 million or
$3.65 per share. 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,
September 30 and December 31, representing an aggregate of $515.3 million or $3.05 per share.
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. As a REIT, we do not incur federal income
tax on our REIT taxable income (generally, net rents and gains from real property, dividends, and interest)
that is fully distributed each year (for this purpose, certain distributions paid in a subsequent year may be
considered), and if we meet certain organizational and operational rules. We believe we have met these
requirements in all periods presented herein, and we expect to continue to elect and qualify as a REIT.
For Federal income tax purposes, distributions to shareholders are treated as ordinary income,
capital gains, return of capital or a combination thereof. For 2012, the dividends paid on common shares
($4.40 per share) and on all the various classes of preferred shares were classified as follows: