Public Storage Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 5.125% Cumulative Preferred Shares, Series C

Rhea-AI Summary

Public Storage (NYSE:PSA) is set to redeem all outstanding depositary shares linked to its 5.125% Cumulative Preferred Shares, Series C (NYSE:PSAPrC) on June 30, 2021, at a price of $25 per share. The total redemption amount will reach $200 million. As of March 31, 2021, Public Storage held interests in 2,563 self-storage facilities across 38 states, totaling approximately 176 million net rentable square feet. Additionally, it has stakes in Shurgard Self-Storage SA and PS Business Parks, Inc., enhancing its footprint in Europe and commercial spaces.

Positive

• Redeeming depositary shares may enhance liquidity for the company.
• Strong presence in the self-storage sector with significant net rentable square feet.

Negative

• The redemption of preferred shares may indicate a need to adjust capital structure.

Public Storage (NYSE:PSA) announced today that it is calling for redemption all outstanding depositary shares representing interests in its 5.125% Cumulative Preferred Shares, Series C (NYSE:PSAPrC) on June 30, 2021 at $25 per depositary share. The aggregate redemption amount to be paid to all holders of the depositary shares is $200,000,000.

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.

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FAQ

What is the redemption date for Public Storage's Series C preferred shares?

Public Storage's Series C preferred shares will be redeemed on June 30, 2021.

What is the total amount for the redemption of Public Storage's Series C preferred shares?

The total redemption amount is $200 million.

What is the stock symbol for Public Storage?

The stock symbol for Public Storage is PSA.

How many self-storage facilities does Public Storage operate?

Public Storage operates 2,563 self-storage facilities in 38 states.

What is the interest rate on Public Storage's Series C preferred shares?

The interest rate on the Series C preferred shares is 5.125%.