Public Storage | 5.625% Cumulative Preferred Share of Beneficial Interest, Series U (PSA.PRU)
This preferred is marked as having been called.
Prospectus excerpt: We are selling 10,000,000 depositary shares (ÙDepositary Sharesˆ) each representing 1/1,000 of a 5.625% Cumulative Preferred Share of Beneficial Interest, Series U (ÙPreferred Sharesˆ). 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 1,500,000 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 5.625% of the liquidation preference per year ($1.40625 per year per Depositary Share). We will pay distributions on the Preferred Shares quarterly, beginning on September 30, 2012 (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 June 15, 2017, except in order to preserve our status as a real estate investment trust. On and after June 15, 2017, 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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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 Open the PSA Information Page » |
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