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

Prospectus excerpt:  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 »

Alternate symbology:PSA-Q, PSA-PQ, PSAprQ
Call Date:4/14/2016
Shares Offered:13,000,000
Liquidation Preference:$25
Recent Market Price:$25.42
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.42 (1.68%)
Annualized Dividend:1.625
Recent Ex-Date:9/11/2015
Current Yield:6.39%
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 2014, Co.'s business activities were: domestic self-storage, whereby Co. acquires, develops, owns and operates self-storage facilities providing storage spaces for lease for personal and business use; European self-storage, in which Co. had a 49.0% equity interest in Shurgard Self Storage Europe Ltd that owned 192 self-storage facilities in seven countries in Western Europe under Shugard brand name; and Commercial, in which Co. had a 42.0% equity interest in PS Business Parks, Inc., which owns and operates commercial space. At Dec 31 2014, Co. had direct and indirect equity interests in 2,250 self-storage facilities in 38 states.


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Name:  Public Storage
Sector:  REITs
Number of ETFs Holding PSA:  81 (see which ones)
Total Market Value Held by ETFs:  $2,115,568,064
Total Market Capitalization:  $37,560,000,000
% of Market Cap. Held by ETFs:  5.63%

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