Public Storage talks $100 million $25-par perpetual preferred shares to yield 4%-4.125% area

By Rebecca Melvin and Cristal Cody

Concord, N.H., Nov. 9 – Public Storage plans to sell $100 million of $25-par series R cumulative perpetual preferred shares, according to a 424B5 filing with the Securities and Exchange Commission and market sources on Tuesday.

The shares, which are non-callable for five years, were being talked at a yield in the area of 4% to 4.125%.

BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are joint bookrunning managers of the deal.

Proceeds will be used for general corporate purposes, including to fund acquisitions of self-storage facilities and redemptions of preferred shares.

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

Public Storage is a Glendale, Calif., real estate investment trust with a portfolio of self-storage facilities.

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