Public Storage’s 5.15% cumulative preferred stock admitted to NYSE

By Stephanie N. Rotondo

Seattle, June 5 – Public Storage’s $250 million of 5.15% series F cumulative preferred stock listed on the New York Stock Exchange on Monday.

The ticker symbol is “PSAPrF.”

The deal priced May 23, coming upsized from $100 million and tight to the 5.25% price talk.

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

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

There is a $37.5 million over-allotment option.

Dividends will be payable quarterly. The preferreds become redeemable on June 2, 2022 at par plus accrued dividends.

Proceeds will be used 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.

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

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