Public Storage to offer series V cumulative perpetual preferreds

By Stephanie N. Rotondo

Phoenix, Sept. 10 - Public Storage is selling a least $200 million of series V cumulative perpetual preferred shares of beneficial interest, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Price talk is 5.375% to 5.5%, according to a trader. Pricing is expected later Monday or Tuesday.

The joint bookrunning managers are Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC.

The securities will be issued as $25 depositary shares each representing 1/1,000th of an interest in a preferred.

Dividends are payable quarterly beginning Dec. 31.

The preferreds become redeemable in September 2017.

The Glendale, Calif.-based real estate investment trust will apply to list the new series of preferreds on the New York Stock Exchange under the ticker symbol "PSAPV."

Proceeds will be used to redeem all of the company's $247.3 million outstanding 6.45% series F cumulative preferreds. Any remaining funds will be used for general corporate purposes, which might include investments in self-storage facilities and the redemption of other preferred issues.

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