PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, May 20, 11:26 PM
| This Slide: #423 of 581 |
Slide #423. Public Storage — Preferred Stock Offering
Company:
Public Storage (NYSE:PSA)
Date announced:
3/10/2014
Shares Offered:
9,000,000
Date of Pricing:
3/10/2014
Price Per Share:
$25
Preferred Stock Offering Details:
John Reyes, Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA), announced that the Company has priced a public offering of 9,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 6.375% Cumulative Preferred Share of Beneficial Interest, Series Y. The offering is expected to result in $225 million of gross proceeds (assuming no exercise of the underwriters' overallotment option) and to close on or about March 17, 2014. The Company expects to use the net proceeds to repay a portion of the outstanding indebtedness under its term loan.
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
Open the PSA Page at Preferred Stock Channel »
|
|||||||||||||||||||||
|
|
Open the PSA Page at Preferred Stock Channel (in a new window) »
 Free PSA Email Alerts:
Get Dividend Alerts 
Get SEC Filing Alerts
|
Avg. Broker Rec.
 
|
Buy (3.00 out of 4) 20th percentile
(ranked lower than approx. 80% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
|
|
