Public Storage’s 4.9% cumulative preferred stock added to NYSE

By Stephanie N. Rotondo

Seattle, Oct. 17 – Public Storage’s $350 million of 4.9% series E cumulative preferred shares began trading on the New York Stock Exchange on Monday.

The ticker symbol is “PSAPE.”

The deal came Oct. 6, in line with price talk of 4.9% and massively upsized from the $100 million amount that had initially been expected in the market.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.

There is a $52.5 million over-allotment option.

Dividends will be payable quarterly beginning Dec. 31.

The preferreds are callable on or after Oct. 14, 2021 at par plus accrued dividends.

The Glendale, Calif.-based real estate investment trust will use the proceeds to make investments in self-storage facilities and in entities that own such facilities, for the development of such facilities and for general corporate purposes.

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