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Public Storage | 6.5% Cumulative Preferred Share of Beneficial Interest, Series Q (PSA.PRQ)

Prospectus exerpt:  We are selling 13,000,000 depositary shares (“Depositary Shares”) each representing 1/1,000 of a share of a 6.5% Cumulative Preferred Share of Beneficial Interest, Series Q (“Preferred Shares”). The Preferred Shares represented by the Depositary Shares will be deposited with Computershare Trust Company, N. A., as depositary. As a holder of Depositary Shares, you will be entitled to all proportional rights, preferences and privileges of the Preferred Shares. We have granted the underwriters an option to purchase up to 1,950,000 additional Depositary Shares to cover over-allotments. The following is a summary of the Preferred Shares: We will pay cumulative distributions on the Preferred Shares, from the date of original issuance, at the rate of 6.5% of the liquidation preference per year ($1.625 per year per Depositary Share). We will pay distributions on the Preferred Shares quarterly, beginning on June 30, 2011 (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 April 14, 2016, except in order to preserve our status as a real estate investment trust. On and after April 14, 2016, 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.

Full Prospectus PDF », PSA Page »

Series:Q
Redeemable?:Yes
Call Date:4/14/2016
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:13,000,000
Overallotment:1,950,000
Liquidation Preference:$25
Recent Market Price:$27.36
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$2.36 (9.44%)
Annualized Dividend:1.625
Recent Ex-Date:12/11/2014
Current Yield:5.94%
Original Coupon:6.500%
Pay Period:Quarterly
Pay Dates:31-Mar, 30-Jun, 30-Sep, 31-Dec
Public Storage is a real estate investment trust. At Dec 31 2013, Co.'s business activities are: domestic self-storage, whereby Co. acquires, develops, owns and operates self-storage facilities which provide storage spaces for lease for personal and business use; European self-storage, in which Co. has a 49.0% equity interest in Shurgard Europe that owned 187 self-storage facilities in seven countries in Western Europe under Shugard brand name; and Commercial, in which Co. has a 42.0% equity interest in PS Business Parks, Inc., which owns and operates commercial space. At Dec 31 2013, Co. had direct and indirect equity interests in 2,200 self-storage facilities in 38 states within the U.S.

Preferreds: PSA.PRS, PSA.PRA, PSA.PRD, PSA.PRF, PSA.PRO, PSA.PRX, PSA.PRZ, PSA.PRU, PSA.PRT, PSA.PRR, PSA.PRP, PSA.PRQ, PSA.PRV, PSA.PRW, PSA.PRY


Open the PSA Information Page »
Name:  Public Storage
Website:  www.publicstorage.com
Sector:  REITs
Number of ETFs Holding PSA:  90 (see which ones)
Total Market Value Held by ETFs:  $4,051,276,636
Total Market Capitalization:  $32,236,000,000
% of Market Cap. Held by ETFs:  12.57%

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