By James McCandless
San Antonio, Sept. 5 – Public Storage sold a $275 million offering of $25-par series I cumulative preferred shares at par with a dividend of 4.875%, according to an FWP filing with the Securities and Exchange Commission.
There is a $41.25 million greenshoe.
BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable on or after Sept. 12, 2024 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 “PSAPrI.”
Public Storage is a Glendale, Calif.-based real estate investment trust specializing in self-storage properties.
| Issuer: | Public Storage
|
| Description: | Series I cumulative preferred shares
|
| Amount: | $275 million, or 11 million shares
|
| Greenshoe: | $41.25 million, or 1.65 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC
|
| Dividend: | 4.875%
|
| Price: | Par of $25.00
|
| Yield: | 4.875%
|
| Call: | On or after Sept. 12, 2024 at par
|
| Pricing date: | Sept. 5
|
| Settlement date: | Sept. 12
|
| Distribution: | SEC registered
|
| Listing: | NYSE: PSAPrI
|
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