Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Mon, May 6, 9:44 AM
This Slide: #605 of 620 |
Slide #605. Public Storage — Preferred Stock Offering
Company:
Public Storage (NYSE:PSA)
Underwriters:
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC
Shares Offered:
18,000,000
Date of Pricing:
9/11/2012
Price Per Share:
$25
Preferred Stock Offering Details:
Public Storage announced that the Company has priced a public offering of 18,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 5.375% Cumulative Preferred Share of Beneficial Interest, Series V. The offering is expected to result in $450 million of gross proceeds (assuming no exercise of the underwriters' overallotment option) and to close on or about September 20, 2012. The Company expects to use a portion of the net proceeds to redeem its outstanding 6.450% Cumulative Preferred Shares, Series F, and 6.450% Cumulative Preferred Shares, Series X, and for other 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.PRT, PSA.PRU, PSA.PRV, PSA.PRW, PSA.PRX, PSA.PRY, PSA.PRZ, PSA.PRA, PSA.PRB, PSA.PRC, PSA.PRD, PSA.PRE, PSA.PRF, PSA.PRG, PSA.PRH, PSA.PRI, PSA.PRJ, PSA.PRK, PSA.PRL, PSA.PRM, PSA.PRN, PSA.PRO, PSA.PRP, PSA.PRQ, PSA.PRR, PSA.PRS
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Buy (3.18 out of 4) 42nd percentile
(ranked lower than approx. 58% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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