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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 of beneficial interest (the “Common Shares”) NYSE: PSA) have
been listed on the NYSE since October 19, 1984. The following table sets forth the high and low
sales prices of our Common Shares on the NYSE composite tapes for the applicable periods.
Range
Year
Quarter
High
Low
2013
1st
$157.95
$144.35
2nd
168.66
145.04
3rd
168.30
149.46
4th
176.68
147.14
2014
1st
172.11
148.04
2nd
176.72
167.41
3rd
178.26
162.34
4th
190.19
165.05
As of February 20, 2015, there were approximately 15,154 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 2014 we paid distributions to our common shareholders of $1.40 per common
share for each of the quarters ended March 31, June 30, September 30 and December 31,
representing an aggregate of $964.6 million or $5.60 per share. 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 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 2014, the dividends paid on
common shares and preferred shares were classified as follows: