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Quotes delayed 20 minutes
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Hold (2.17 out of 4)
9th percentile
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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Monday, January 25, 10:47 AM
Slide #505. Public Storage — Preferred Stock Offering
| Company: |
Public Storage (NYSE:PSA) |
| Underwriters: |
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC |
| Shares Offered: |
18,000,000 |
| Date of Pricing: |
9/11/2012 |
| Price Per Share: |
$25 |
| Preferred Stock Offering Details: |
Public Storage announced that the Company has priced a public offering of 18,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 5.375% Cumulative Preferred Share of Beneficial Interest, Series V. The offering is expected to result in $450 million of gross proceeds (assuming no exercise of the underwriters' overallotment option) and to close on or about September 20, 2012. The Company expects to use a portion of the net proceeds to redeem its outstanding 6.450% Cumulative Preferred Shares, Series F, and 6.450% Cumulative Preferred Shares, Series X, and for other general corporate purposes. |
Public Storage is a real estate investment trust. Co.'s business activities include: Self-storage Operations, which acquires, develops, owns and operates self-storage facilities that provide storage spaces for lease on a month-to-month basis, for personal and business use; Ancillary Operations, which reinsures policies against losses to goods stored by customers in Co.'s self-storage facilities and sells merchandise, mainly locks and cardboard boxes, at its self-storage facilities; and Investment in PS Business Parks Inc. (PSB), in which Co. has an equity interest in PSB that owns, operates, acquires and develops commercial properties, mainly multi-tenant flex, office, and industrial parks. 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, PSA.PRB, PSA.PRC, PSA.PRE, PSA.PRG, PSA.PRH, PSA.PRI, PSA.PRJ
 Open the PSA Page at Preferred Stock Channel »
| Name: |
Public Storage |
| Website: |
www.publicstorage.com |
| Sector: |
REITs |
| Number of ETFs Holding PSA: |
113 (see which ones) |
| Total Market Value Held by ETFs: |
$6,055,680,167.1 |
| Total Market Capitalization: |
$38,805,000,000 |
| % of Market Cap. Held by ETFs: |
15.61% |
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Open the PSA Page at Preferred Stock Channel (in a new window) »
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