Public Storage’s 5.05% cumulative preferred stock admitted to NYSE

By Stephanie N. Rotondo

Seattle, Aug. 10 – Public Storage’s $300 million of 5.05% series G cumulative preferred stock began trading on the New York Stock Exchange on Thursday, according to a market source.

The ticker symbol is “PSAPrG.”

The deal came July 31 in line with revised price talk. Initial price talk was 5.125%.

The size of the issue was also increased from $100 million.

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

There is a $45 million over-allotment option.

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

Dividends will be payable on the last day of March, June, September and December, beginning Sept. 30. The issue becomes redeemable on Aug. 9, 2022 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 self-storage facilities, for the development of self-storage facilities and for general corporate purposes.

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