Public Storage | 4.700% Cumulative Preferred Share of Beneficial Interest, Series J (PSA.PRJ)
Prospectus excerpt: We are selling 9,000,000 depositary shares (the “Depositary Shares”) each representing 1/1,000 of a 4.700% Cumulative Preferred Share of Beneficial Interest, Series J (the “Preferred Shares”). The Preferred Shares represented by the Depositary Shares will be deposited with Computershare Trust Company, N. A., as depositary. As a holder of Depositary Shares, you will be entitled to all proportional rights, preferences and privileges of the Preferred Shares. We have granted the underwriters an option to purchase up to additional 1,350,000 Depositary Shares solely to cover over-allotments, if any. The following is a summary of the Preferred Shares: We will pay cumulative distributions on the Preferred Shares, from, and including, the date of original issuance, at the rate of 4.700% of the liquidation preference per year ($1.175 per year per Depositary Share). We will pay distributions on the Preferred Shares quarterly on March 31, June 30, September 30 and December 31 of each year, beginning on March 31, 2020 (with the payment on that date being based pro rata on the number of calendar days from the original issuance of the Preferred Shares). We are not allowed to redeem the Preferred Shares before November 15, 2024, except in order to preserve our status as a real estate investment trust. On and after November 15, 2024, we may, at our option, redeem the Preferred Shares by paying you $25.00 per Depositary Share, plus any accrued and unpaid distributions. The Preferred Shares have no stated maturity and are not subject to any sinking fund or mandatory redemption and are not convertible into any other securities.
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