Public Storage spends $17.5 million buying back preferred shares in Q1

New York, May 7 - Public Storage said it paid $17.5 million to repurchase preferred shares during the first quarter, which ended March 31.

The price was $6.2 million less than the net proceeds from issuance of the preferreds.

The Glendale, Calif., real estate investment trust focused on self-storage facilities said the $6.2 million will be recorded as a benefit to common shareholders and a decrease in income allocated to preferred shareholders.

Specifically, Public Storage bought back 700,000 of its series V cumulative preferred shares for $13.2 million, 175,000 of its series C cumulative preferred shares for $2.7 million and 107,000 of its series F cumulative preferred shares for $1.6 million.

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