Public Storage plans to sell $100 million cumulative preferred shares at 4.375%-4.5%

By James McCandless

San Antonio, Aug. 11 – Public Storage plans to price $100 million of $25-par series M cumulative preferred shares, according to a 424B5 filing with the Securities and Exchange Commission and a market source.

Price talk is for a dividend of 4.375% to 4.5%.

BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint 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 “PSAPrM.”

Public Storage is a Glendale, Calif.-based real estate investment trust.

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