Public Storage Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 4.90% Cumulative Preferred Shares, Series E

Rhea-AI Summary

Public Storage (NYSE:PSA) announced the redemption of all outstanding depositary shares representing interests in its 4.90% Cumulative Preferred Shares, Series E (NYSE:PSAPrE) on December 30, 2021. The redemption price is $25 per depositary share, amounting to an aggregate of $350,000,000 to be paid to all holders. This action could reflect the company's financial strategy and capital management as it continues to operate across 2,678 self-storage facilities in the U.S. and interests in European storage assets.

Positive

• Redemption of Series E preferred shares enhances financial flexibility.
• Public Storage maintains significant operational presence with 2,678 facilities in the U.S.

Negative

• The redemption amounts to $350 million, impacting available cash reserves.

GLENDALE, Calif.--(BUSINESS WIRE)-- Public Storage (NYSE:PSA) announced today that it is calling for redemption all outstanding depositary shares representing interests in its 4.90% Cumulative Preferred Shares, Series E (NYSE:PSAPrE) on December 30, 2021 at $25 per depositary share. The aggregate redemption amount to be paid to all holders of the depositary shares is $350,000,000.

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 September 30, 2021, we had: (i) interests in 2,678 self-storage facilities located in 39 states with approximately 186 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 247 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 September 30, 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/20211129005706/en/

Ryan Burke

(818) 244-8080, Ext. 1141

Source: Public Storage

FAQ

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

The redemption date for Public Storage's 4.90% Cumulative Preferred Shares, Series E is December 30, 2021.

How much is Public Storage redeeming in total for their preferred shares?

Public Storage is redeeming a total of $350,000,000 for its outstanding preferred shares.

What is the redemption price per depositary share for PSA's preferred shares?

The redemption price per depositary share for Public Storage's preferred shares is $25.

How many self-storage facilities does Public Storage operate?

Public Storage operates 2,678 self-storage facilities located in 39 states.

What is the ticker symbol for Public Storage's common stock?

The ticker symbol for Public Storage's common stock is PSA.

Which companies is Public Storage associated with?

Public Storage has common equity interests in Shurgard Self Storage and PS Business Parks (NYSE:PSB).