By James McCandless
San Antonio, Sept. 29 – Public Storage priced a $250 million offering of $25-par series N cumulative preferred shares with a dividend of 3.875%, according to a press release.
There is a greenshoe.
BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the bookrunners.
Dividends are payable on March 31, June 30, Sept. 30 and Dec. 31, starting on Dec. 31, 2020.
The preferreds are redeemable after five years at par.
Public Storage plans to use the proceeds to make investments in self-storage facilities and in entities that own self-storage facilities, for the development of self-storage facilities, and for general corporate purposes, including the redemption of its preferred shares.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “PSAPrN.”
Public Storage is a Glendale, Calif.-based storage-focused real estate investment trust.
| Issuer: | Public Storage
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| Description: | Series N cumulative preferred shares
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| Amount: | $250 million
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| Maturity: | Perpetual
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| Bookrunners: | BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC
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| Dividend: | 3.875%
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| Price: | Par of $25.00
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| Yield: | 3.875%
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| Call: | After five years at par
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 6
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| Distribution: | SEC registered
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| Listing: | NYSE: PSAPrN
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