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Public Storage | 6.5% Cumulative Preferred Share of Beneficial Interest, Series Q (PSA.PRQ)

Prospectus excerpt:  We are selling 13,000,000 depositary shares (˘Depositary Shares÷) each representing 1/1,000 of a share of a 6.5% Cumulative Preferred Share of Beneficial Interest, Series Q (˘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 1,950,000 additional Depositary Shares to cover over-allotments. The following is a summary of the Preferred Shares: We will pay cumulative distributions on the Preferred Shares, from the date of original issuance, at the rate of 6.5% of the liquidation preference per year ($1.625 per year per Depositary Share). We will pay distributions on the Preferred Shares quarterly, beginning on June 30, 2011 (with the payment on that date being based pro rata on the number of days from the original issuance of the Preferred Shares). We are not allowed to redeem the Preferred Shares before April 14, 2016, except in order to preserve our status as a real estate investment trust. On and after April 14, 2016, 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.

Full Prospectus PDF », PSA Page »

Series:Q
Alternate symbology:PSA-Q, PSA-PQ, PSAprQ
Redeemable?:Yes
Call Date:4/14/2016 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:13,000,000
Overallotment:1,950,000
Liquidation Preference:$25
Recent Market Price:$24.64
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-0.36 (-1.44%)
Original Coupon:6.50%
Pay Period:Quarterly
Pay Dates:31-Mar, 30-Jun, 30-Sep, 31-Dec
CDx3 Compliance Rating: Learn PSA.PRQ's Rating
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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Name: 
Public Storage
Website: 
www.publicstorage.com
Sector: 
REITs
Number of ETFs Holding PSA: 
116 (see which ones)
Total Market Value Held by ETFs: 
$6,258,663,102.22

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