Public Storage’s 5.875% cumulative preferreds admitted to NYSE

By Stephanie N. Rotondo

Phoenix, Dec. 3 – Public Storage’s $175 million of 5.875% series A cumulative perpetual preferred stock began trading on the New York Stock Exchange on Wednesday.

The deal priced Nov. 20. The ticker symbol is “PSAPA.”

The preferreds were issued as depositary shares representing a 1/1,000th interest.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC and UBS Securities LLC underwrote the deal, each for 1.75 million shares.

Dividends will be payable on a quarterly basis, commencing March 31.

The preferreds become redeemable on or after Dec. 2, 2019 at par plus accrued dividends.

The Glendale, Calif.-based real estate investment trust intends 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.

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