Public Storage plans to redeem $517.5 million 7.25% preferred shares

By Melissa Kory

Cleveland, April 4 - Public Storage said it plans to redeem $517.5 million of its depositary shares representing interests in its 7.25% series I cumulative preferred shares using proceeds from its offering of depositary shares, each representing 1/1,000 of a share of its series Q cumulative preferreds.

The series I preferreds may be redeemed on or after May 3 at $25 per share plus accrued dividends.

Public Storage is a real estate investment trust based in Glendale, Calif., that operates self-storage facilities.

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