Public Storage Announces Redemption of 2.370% Senior Notes due 2022

Rhea-AI Summary

Public Storage (NYSE:PSA) announced the redemption of its 2.370% Senior Notes, due September 15, 2022, on August 15, 2022. The total outstanding principal of these Notes is $500 million, and holders will receive 100% of the principal plus accrued interest. A redemption notice will be sent to record holders on July 27, 2022. Public Storage, a leading real estate investment trust, operates 2,797 self-storage facilities across the U.S. and holds a 35% equity interest in Shurgard Self-Storage SA in Europe.

Positive

• Successful redemption of $500 million senior notes enhances financial stability.
• Continued operation of 2,797 self-storage facilities indicates strong market presence.

Negative

• None.

GLENDALE, Calif.--(BUSINESS WIRE)-- Public Storage (NYSE:PSA, the “Company”) announced today that it is calling for redemption on August 15, 2022 its 2.370% Senior Notes due September 15, 2022 (the “Notes”). The Notes will be redeemed for cash at a price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest up to, but excluding, the redemption date. The aggregate outstanding principal amount of the Notes is $500,000,000. A notice of redemption will be sent to holders of record of the Notes on July 27, 2022. Holders that hold their Notes through The Depository Trust Company (“DTC”) will be redeemed in accordance with the applicable procedures of DTC.

Company Information

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2022, we had: (i) interests in 2,797 self-storage facilities located in 39 states with approximately 199 million net rentable square feet in the United States, and (ii) an approximate 35% common equity interest in Shurgard Self-Storage SA (Euronext Brussels:SHUR), which owned 254 self-storage facilities located in seven Western European nations with approximately 14 million net rentable square feet operated under the Shurgard® brand. On July 20, 2022, in connection with the closing of PS Business Parks, Inc.’s merger transaction with affiliates of Blackstone Real Estate, we completed the sale of our approximate 41% common equity interest in PS Business Parks, Inc. in its entirety. Our headquarters are located in Glendale, California.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220726006071/en/

Ryan Burke

(818) 244-8080, Ext. 1141

Source: Public Storage

FAQ

What are the details of Public Storage's redemption announcement?

Public Storage is redeeming its 2.370% Senior Notes due September 15, 2022, on August 15, 2022, for $500 million.

What is the total amount of Notes Public Storage is redeeming?

The total principal amount of the Notes being redeemed is $500 million.

When will holders of the Notes receive the redemption notice?

Holders of the Notes will receive a redemption notice on July 27, 2022.

How many self-storage facilities does Public Storage operate?

Public Storage operates 2,797 self-storage facilities in the United States.

What is Public Storage's stake in Shurgard Self-Storage SA?

Public Storage holds a 35% common equity interest in Shurgard Self-Storage SA.