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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
2012 1st $141.48 $129.04
2
nd 146.49 129.77
3
rd 152.68 137.86
4
th 148.17 135.07
2013 1st 157.95 144.35
2
nd 168.66 145.04
3
rd 168.30 149.46
4
th 176.68 147.14
As of February 15, 2014, there were approximately 16,043 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 2013 we paid distributions to our common shareholders of $1.25 per common
share for each of the quarters ended March 31, June 30, September 30 and $1.40 per common
share for the quarter ended December 31, representing an aggregate of $884.2 million or $5.15 per
share. 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.
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 2013, the dividends paid on
common shares and preferred shares were classified as follows: