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Public Storage Announces Tax Treatment Of 2012 Dividends

Public Storage (NYSE:PSA) announced today the tax treatment of the Company’s 2012 dividends. For the tax year ended December 31, 2012, 100% of distributions for the PSA common stock and all the various series of preferred stock were classified as ordinary income. The Company did not declare a capital gain distribution, nor did it have any undistributed long-term capital gain for 2012.

The ordinary income dividends do not constitute “qualified dividend income.”

This release is based on the preliminary results of work on the Company’s tax filings and is subject to correction or adjustment when the filings are completed. The Company is releasing information at this time to aid those required to distribute Forms 1099 on the Company’s distributions. No material change in the classification is expected.

Alternative Minimum Tax

Alternative minimum tax adjustments are to be apportioned between a real estate investment trust (“REIT”) and its shareholders under Internal Revenue Code Section 59(d). Although regulations have not yet been issued under that provision, based on regulations issued pursuant to a similar provision of prior law and the legislative history of the current provision, it appears that such alternative minimum tax adjustments are to be apportioned to a REIT’s shareholders to the extent that the REIT distributes its regular taxable income. It is the Company’s policy to distribute all of its regular taxable income and accordingly, all of the Company’s alternative minimum tax adjustments are being apportioned to the Company’s shareholders.

The Company has determined that 0.32% of each distribution to its shareholders for the tax year ended December 31, 2012 consists of an alternative minimum tax adjustment (i.e., for each $1 of dividend reportable by a shareholder, $0.0032 represents a positive alternative minimum tax adjustment). To determine your share of the Company’s positive alternative minimum tax adjustment, multiply the aggregate dollar amount of your reportable 2012 dividend from the Company (the amount shown in Box 1a of the Company’s 2012 Form 1099-DIV) by 0.0032.

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