Public Storage plans to sell $25-par cumulative preferred shares

By James McCandless

San Antonio, Nov. 9 – Public Storage plans to price an offering of $25-par cumulative preferred shares, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC.

Dividends are payable on March 31, June 30, Sept. 30 and Dec. 31, starting on March 30, 2021.

The preferreds are redeemable after five years at par.

Public Storage plans to use the proceeds to make investments in self-storage facilities, including development, interests in partnerships and other entities and mortgage loans, and for general corporate purposes, including repayment of debt and the redemption of outstanding securities.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “PSAPrO.”

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

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