PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sun, August 14, 8:57 PM
| This Slide: #256 of 582 |
Slide #256. Public Storage — Preferred Stock Offering
Company:
Public Storage (NYSE:PSA)
Date announced:
10/6/2016
Shares Offered:
14,000,000
Date of Pricing:
10/6/2016
Price Per Share:
$25.00
Preferred Stock Offering Details:
John Reyes, Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA,theCompany), announced that the Company has priced a public offering of 14,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 4.90% Cumulative Preferred Share of Beneficial Interest, Series E. The offering is expected to result in $350 million of gross proceeds (assuming no exercise of the underwriters' overallotment option) and to close on or about October 14, 2016, subject to customary closing conditions. The Company expects to use the net 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.
Public Storage is a real estate investment trust. Co.'s business activities include: Self-storage Operations, which acquires, develops, owns and operates self-storage facilities that provide storage spaces for lease on a month-to-month basis, for personal and business use; Ancillary Operations, which reinsures policies against losses to goods stored by customers in Co.'s self-storage facilities and sells merchandise, mainly locks and cardboard boxes, at its self-storage facilities; and Investment in PS Business Parks Inc. (PSB), in which Co. has an equity interest in PSB that owns, operates, acquires and develops commercial properties, mainly multi-tenant flex, office, and industrial parks.
Preferreds: PSA.PRS, PSA.PRA, PSA.PRD, PSA.PRF, PSA.PRO, PSA.PRX, PSA.PRZ, PSA.PRU, PSA.PRT, PSA.PRR, PSA.PRP, PSA.PRQ, PSA.PRV, PSA.PRW, PSA.PRY, PSA.PRB, PSA.PRC, PSA.PRE, PSA.PRG, PSA.PRH, PSA.PRI, PSA.PRJ
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Avg. Broker Rec.
 
|
Buy (3.38 out of 4) 48th percentile
(ranked lower than approx. 52% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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