Public Storage 2012 Annual Report Download - page 68

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50
limited until the bank loan is repaid. Further, consistent with prior years, we do not expect to receive cash
distributions from Shurgard Europe with respect to our 49% equity interest for the foreseeable future.
Redemption of Preferred Securities: We have no other series of preferred shares that are redeemable
before April 2015 and none of our preferred securities are redeemable at the option of the holders.
Repurchases of Company’s Common Shares: Our Board of Trustees has authorized management to
repurchase up to 35,000,000 of our common shares on the open market or in privately negotiated transactions.
During 2012, we did not repurchase any of our common shares. From the inception of the repurchase program
through February 25, 2013, we have repurchased a total of 23,721,916 common shares at an aggregate cost of
approximately $679.1 million. We have no current plans to repurchase shares; however, future levels of common
share repurchases will be dependent upon our available capital, investment alternatives and the trading price of our
common shares.
Contractual Obligations
Our significant contractual obligations at December 31, 2012 and their impact on our cash flows and
liquidity are summarized below for the years ending December 31 (amounts in thousands):
Total 2013 2014 2015 2016 2017 Thereafter
Long-term debt (1) ....................
.
$ 351,925 $ 264,023 $ 38,533 $ 31,358 $ 10,851 $ 1,324 $ 5,836
Line of credit (2) ........................
.
133,064 133,064 - - - - -
Operating leases (3)....................
.
74,681 4,731 4,615 3,661 3,567 2,722 55,385
Construction and purchase
commitments ..........................
.
14,828
12,392
2,436
-
-
-
-
Total ...........................................
.
$ 574,498 $414,210 $ 45,584 $ 35,019 $ 14,418 $ 4,046 $ 61,221
(1) Amounts include principal and interest payments (all of which are fixed-rate) on our notes payable based
on their contractual terms. See Note 6 to our December 31, 2012 financial statements for additional
information on our notes payable.
(2) Amounts represent borrowings under our $300 million revolving line of credit, which were repaid in
January 2013. See Note 6 to our December 31, 2012 financial statements for additional information on our
line of credit.
(3) We lease land, equipment and office space under various operating leases. Certain leases are cancelable;
however, significant penalties would be incurred upon cancellation. Amounts reflected above consider
continuance of the lease without cancellation.
We estimate the annual distribution requirements with respect to our Preferred Shares outstanding at
December 31, 2012, including the Series W Preferred Shares issued on January 16, 2013, to be approximately
$196 million per year. Dividends are paid when and if declared by our Board of Trustees and accumulate if not
paid. We have no other series of preferred shares that are redeemable before April 2015 and none of our preferred
securities are redeemable at the option of the holders.
Off-Balance Sheet Arrangements: At December 31, 2012, we had no material off-balance sheet
arrangements as defined under Regulation S-K 303(a)(4) and the instructions thereto.