Public Storage to sell $25-par series Q cumulative preferred shares; price talk 3.95% area

By Marisa Wong and Cristal Cody

Los Angeles, Aug. 10 – Public Storage plans to price an offering of $25-par cumulative preferred shares, series Q, according to a 424B5 filing with the Securities and Exchange Commission.

Price talk is in the 3.95% area, a market source told Prospect News.

BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners for the offering, which will have a greenshoe.

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

The preferreds will be redeemable beginning in 2026.

Proceeds will be used for general corporate purposes, including redemption of existing preferreds.

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

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

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