Public Storage Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 4.95% Cumulative Preferred Shares, Series D

Rhea-AI Summary

Public Storage (NYSE:PSA) announced the redemption of all outstanding depositary shares for its 4.95% Cumulative Preferred Shares, Series D (NYSE:PSAPrD) on July 20, 2021. The redemption price is set at $25 per depositary share, plus accrued dividends from July 1, 2021, leading to an aggregate redemption total of $325 million before dividend payments. Public Storage, a leading REIT, operates 2,563 self-storage facilities across 38 states, with additional interests in European and U.S. commercial properties as of March 31, 2021.

Positive

• Successful redemption of Series D preferred shares indicates financial strength.
• Aggregate redemption amount of $325 million shows significant capital management.

Negative

• None.

Public Storage (NYSE:PSA) announced today that it is calling for redemption all outstanding depositary shares representing interests in its 4.95% Cumulative Preferred Shares, Series D (NYSE:PSAPrD) on July 20, 2021 at $25 per depositary share plus accrued dividends from July 1, 2021 through the date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to all holders of the depositary shares is $325,000,000.

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, 2021, we had: (i) interests in 2,563 self-storage facilities located in 38 states with approximately 176 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self-Storage SA (Euronext Brussels:SHUR) which owned 243 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand, and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2021. Our headquarters are located in Glendale, California.

Additional information about Public Storage is available on the Company’s website at PublicStorage.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210618005513/en/

FAQ

When is Public Storage redeeming its Series D preferred shares?

Public Storage is redeeming its Series D preferred shares on July 20, 2021.

What is the redemption price for PSA's Series D preferred shares?

The redemption price for the Series D preferred shares is $25 per depositary share.

What is the total amount of the redemption for PSA's Series D preferred shares?

The total amount for the redemption of the Series D preferred shares is $325 million.

What are the dividend details associated with the Series D preferred shares redemption?

Holders will receive accrued dividends from July 1, 2021, through the redemption date.