We will pay cumulative distributions on the Preferred Shares, from, and including, the date of original issuance, at the rate of 6.375% of the liquidation preference per year ($1.59375 per year per Depositary Share).
We will pay distributions on the Preferred Shares quarterly, beginning on June 30, 2014 (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 March 17, 2019, except in order to preserve our status as a real estate investment trust.
On and after March 17, 2019, 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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