Public Storage talks $100 million $25-par cumulative preferred shares at 4.125% area

By Rebecca Melvin and Cristal Cody

Concord, N.H., Jan. 4 – Public Storage plans to price a $100 million offering of $25-par cumulative preferred shares, series S, which were being talked to yield in the area of 4.125%, according to a 424B5 filing with the Securities and Exchange Commission and a market source.

BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners for the securities, which have no stated maturity date.

Dividends are payable on March 31, June 30, Sept. 30 and Dec. 31, starting on March 31, 2022.

The preferreds will be redeemable beginning in 2027.

Proceeds will be used 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. Pending application, the issuer may invest the net proceeds in short-term, interest-bearing securities.

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

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

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