PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, March 31, 3:04 AM
| This Slide: #326 of 609 |
Slide #326. Public Storage — Preferred Stock Offering
Company:
Public Storage (NYSE:PSA)
Date announced:
5/10/2016
Shares Offered:
8,000,000
Date of Pricing:
5/10/2016
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 8,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 5.125% Cumulative Preferred Share of Beneficial Interest, Series C. The offering is expected to result in $200 million of gross proceeds and to close on or about May 17, 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. acquires, develops, owns and operates self-storage facilities, which provide storage spaces for lease on a month-to-month basis, for personal and business use. Co. is an owner and operator of self-storage facilities in the U.S. in most primary markets and states. A wholly-owned, consolidated subsidiary of Co. reinsures such policies and thereby assumes various risk of losses under these policies and receives reinsurance premiums substantially equal to the premiums collected from its tenants, from the non-affiliated insurance company. In addition, Co. sells merchandise, primarily locks and cardboard boxes at its self-storage facilities.
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 (3.27 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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