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By Preferred Stock Channel Staff, updated Wednesday, December 4, 9:36 AM
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Free PSA Email Alerts:
Preferred Stock Offerings
| This Slide: #576 of 630 |
Slide #576. Public Storage — Preferred Stock Offering
Company:
Public Storage (NYSE:PSA)
Shares Offered:
18,000,000
Date of Pricing:
1/8/2013
Price Per Share:
$25
Preferred Stock Offering Details:
John Reyes, Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA), 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 5.20% Cumulative Preferred Share of Beneficial Interest, Series W. 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 January 16, 2013. The Company expects to use a portion of the net proceeds to repay all the outstanding indebtedness under its revolving credit facility. The Company also expects to use any additional net proceeds for general corporate purposes, which may include investments in self-storage facilities and in entities that own self-storage facilities.
Public Storage is a real estate investment trust (REIT). Co. is engaged in the ownership and operation of self-storage facilities and other related operations including tenant reinsurance and third-party self-storage management. It offers storage spaces for lease on a month-to-month basis, for personal and business use. Its segments include Self-Storage Operations and Ancillary Operations. The Self-Storage Operations segment includes the aggregated rental operations from the self-storage facilities it owns from same store facilities, acquired facilities, developed, and expanded facilities, and other non-same store facilities.
Preferreds: PSA.PRT, PSA.PRU, PSA.PRV, PSA.PRW, PSA.PRX, PSA.PRY, PSA.PRZ, PSA.PRA, PSA.PRB, PSA.PRC, PSA.PRD, PSA.PRE, PSA.PRF, PSA.PRG, PSA.PRH, PSA.PRI, PSA.PRJ, PSA.PRK, PSA.PRL, PSA.PRM, PSA.PRN, PSA.PRO, PSA.PRP, PSA.PRQ, PSA.PRR, PSA.PRS
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