Public Storage plans to price $25-par cumulative preferreds

By James McCandless

San Antonio, Nov. 5 – Public Storage plans to price an offering of $25-par series J cumulative preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.

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

Dividends will be payable quarterly on March 31, June 30, Sept. 30 and Dec. 31 of each year, beginning on March 31, 2020.

The preferreds are redeemable after five years at par.

Public Storage plans 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, including the redemption of its preferred shares.

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

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

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