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PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2013
F-24
8. Shareholders’ Equity
Preferred Shares
At December 31, 2013 and 2012, we had the following series of Cumulative Preferred Shares
(“Preferred Shares”) outstanding:
At December 31, 2013 At December 31, 2012
Series Earliest
Redemption Date
Dividend
Rate
Shares
Outstanding
Liquidation
Preference
Shares
Outstanding
Liquidation
Preference
(Dollar amounts in thousands)
Series O 4/15/2015 6.875% 5,800 $ 145,000 5,800 $ 145,000
Series P 10/7/2015 6.500% 5,000 125,000 5,000 125,000
Series Q 4/14/2016 6.500% 15,000 375,000 15,000 375,000
Series R 7/26/2016 6.350% 19,500 487,500 19,500 487,500
Series S 1/12/2017 5.900% 18,400 460,000 18,400 460,000
Series T 3/13/2017 5.750% 18,500 462,500 18,500 462,500
Series U 6/15/2017 5.625% 11,500 287,500 11,500 287,500
Series V 9/20/2017 5.375% 19,800 495,000 19,800 495,000
Series W 1/16/2018 5.200% 20,000 500,000 - -
Series X 3/13/2018 5.200% 9,000 225,000 - -
Total Preferred Shares 142,500 $ 3,562,500 113,500 $ 2,837,500
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, 2013, there were no dividends in arrears.
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 Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share,
plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us 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 2013, we issued an aggregate 29.0 million depositary shares, each representing 1/1,000 of a
share of our Series W and Series X Preferred Shares, at an issuance price of $25.00 per depositary share, for a
total of $725.0 million in gross proceeds, and we incurred $23.3 million in issuance costs.
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 $53.5 million in issuance costs.